Cryptocurrency / Crypto giant Binance hit by massive security breach; impact estimated at $6.3 billion

New Delhi, Oct 30: Cryptocurrency exchange Binance has temporarily suspended deposits and withdrawals after detecting a major security incident that could have an estimated impact of around $6.3 billion, raising concerns across the global digital asset market.

In a statement issued on Friday, the world's largest cryptocurrency exchange said its preliminary investigation indicates that the breach may have originated from a compromised laptop belonging to a DevOps engineer. According to the company, the attacker allegedly gained access to a service container and initiated unauthorised withdrawal transactions.

Binance said there was no evidence of any wallet private key leak at this stage. The exchange added that a comprehensive technical post-mortem would be released once the investigation is completed and all findings are verified.

As an immediate precautionary measure, the platform suspended deposits and withdrawals while conducting extensive security checks. The company also revoked authorisation linked to the affected address and has been working with law enforcement agencies and blockchain intelligence firms to track the movement of funds and identify those responsible.

The exchange stated that it has coordinated with blockchain partners to freeze affected assets. Of the estimated losses, approximately $3 billion has already been frozen on-chain, according to the company.

Binance assured users that customer funds remain safe and that all losses arising from the incident would be covered through its Secure Asset Fund for Users (SAFU) and the company's own reserves. It also said that an updated Proof of Reserves report would be published after remediation measures are completed.
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The incident has sent shockwaves through the cryptocurrency market. Bitcoin fell below $77,000, marking its lowest level since September, as investors reacted to news of the suspected hack. Other major digital tokens also witnessed selling pressure amid fears that the breach could become the largest cryptocurrency theft on record.

If the estimated loss figure is confirmed, the incident would surpass the $1.5 billion Bybit hack reported in February 2025, making it the biggest crypto heist ever recorded.

Binance said its security and investigation teams are working around the clock to resolve the issue and recover as many assets as possible.
(With input from IANS)